Britain’s Treasury is completing the final plans on a set of regulations for the cryptocurrency sector, which will include limitations on advertising and sales restrictions for foreign companies.
According to a report, the Financial Conduct Authority started looking into the anti-money laundering controls used by UK-based crypto companies this year, but it does not have the broad authority necessary to defend consumers from things like mis-selling, deceptive advertising, fraud, and poor management.
With the new regulation, the Financial Conduct Authority will have more authority to oversee the sector, including how firms conduct business and market their services. The report also stated that limits on selling into the UK market from abroad would be in place and that the measures would outline how cryptocurrency enterprises may be wound down.
A Treasury spokesperson said in a statement:
“The UK is committed to creating a regulatory environment in which firms can innovate, while crucially maintaining financial stability and regulatory standards so that people and businesses can use new technologies both reliably and safely”
Despite recent mishaps, according to municipal minister Andrew Griffith, these goals have not changed. According to Andrew, the financial services bill will provide a framework for regulating crypto assets and stablecoins, and later this year, the government will conduct consultations on a top-notch regulatory framework for the remaining crypto asset sector.
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